Accenture estimates the switching economy—the propensity of insurance customers to switch carriers—to be worth $5.8 billion each year in the United States alone. The switching economy offers both opportunity and challenge for insurers: an opportunity to attract new customers and the challenge of retaining existing ones.

For claims leaders, the question is not whether to make investments in the claims function, but where to make those investments. The 2014 Accenture Claims Customer Survey can shed some light on the most critical areas.

When it comes to claims satisfaction, insurance customers are quite clear about what they want. Survey respondents said the two most important factors influencing their satisfaction are the speed and transparency of the claims process (95 and 94 percent, respectively).

Q. How important for you are the following during the claims process?
View the image. Source: 2014 Accenture Claims Customer Survey

In addition, 77 percent of customers said the promise of quicker claim resolution would be important or extremely important in their decision to switch to another provider.

Of course, speed of resolution depends on an insurer having an efficient claims operation—and increasingly, that includes cross-channel capabilities, advanced data and analytics, and perhaps most crucially, digitally enabled end-to-end servicing.

Join me over the next three weeks as I explore how insurers can improve claims satisfaction for better customer retention.

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